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Media release
Unaudited interim results
for the six months ended 30 June 2024

Currently viewing: Notes to the condensed consolidated financial statements | Next: Segmental operating and financial results

FINANCIALS Notes to the condensed consolidated financial statements

1. Revenue

  United States Dollar
  Six months ended
Figures in millions unless otherwise stated June 2024 June 2023
Revenue from contracts with customers 2,123.9 2,266.3
– Gold1 2,034.0 2,151.7
– Copper2 89.9 114.6

Disclosure of disaggregated revenue from contracts with customers

The Group generates revenue primarily from the sale of gold bullion and copper concentrate to refineries and banks. All revenue from contracts with customers is recognised at a point in time. The Group also produces silver which is an insignificant by-product.

The disaggregation of revenue from contracts with customers by primary geographical market and product is described in the segmental operating and financial results

   
1 All regions.
2 Only Peru region (Cerro Corona).

2. Cost of sales

  United States Dollar
  Six months ended
Figures in millions unless otherwise stated June 2024  June 2023 
Salaries and wages  (199.5) (205.4)
Consumable stores  (183.8) (196.2)
Utilities  (81.9) (71.8)
Mine contractors  (383.8) (366.0)
Other  (175.5) (174.1)
Cost of sales before gold inventory change and amortisation and depreciation  (1,024.5) (1,013.5)
Gold inventory change  (51.4) 74.3 
Cost of sales before amortisation and depreciation  (1,075.9) (939.2)
Amortisation and depreciation  (268.6) (423.5)
Total cost of sales  (1,344.5) (1,362.7)

3. Investment income

  United States Dollar
  Six months ended
Figures in millions unless otherwise stated June 2024 June 2023
Dividends received 0.1 –
Unwinding of Asanko deferred consideration receivable 1.9 –
Interest received – environmental trust funds 1.8 1.7
Interest received – cash balances 8.9 11.7
Total investment income 12.7 13.4

4. Finance expense

  United States Dollar
  Six months ended
Figures in millions unless otherwise stated June 2024  June 2023 
Interest expense – borrowings (44.6) (40.3)
Interest expense – lease liability (12.2) (11.2)
Interest expense – environmental rehabilitation (12.4) (11.0)
Unwinding of discount rate on silicosis settlement costs (0.2) (0.4)
Borrowing costs capitalised3 48.6  30.4 
Total finance expense (20.8) (32.5)
3 General borrowing costs of US$48.6m (2023: US$30.4m) arising on Group general borrowings were capitalised during the periods and related to the Salares Norte project. An average interest capitalisation rate of 3.4% (2023: 3.3%) was applied.

5. Share of results of equity-accounted investees, after taxation

  United States Dollar
  Six months ended
Figures in millions unless otherwise stated June 2024  June 2023 
Far Southeast Gold Resources Incorporated (FSE) (0.6) (0.7)
Windfall Project4 (30.5) (5.7)
Lunnon Metals Ltd (2.6) (1.1)
Share of results of equity-accounted investees, after taxation (33.7) (7.5)
4 Gold Fields share of the Windfall Project’s equity-accounted income relates mainly to exploration expenditure.

6. Share-based payments

  United States Dollar
  Six months ended
Figures in millions unless otherwise stated June 2024  June 2023 
Share-based payment expense1 (3.5) (4.7)
Total included in profit or loss for the period (3.5) (4.7)
1 The Group granted equity-settled instruments comprising share options and restricted shares to executive directors, certain officers and employees. During the periods ended 30 June 2024 and 2023, the Gold Fields Limited 2012 Share Plan as amended in 2016 was in place. At the Annual General Meeting on 18 May 2016, shareholders approved the adoption of the revised Gold Fields Limited 2012 Share Plan to replace the long-term incentive scheme (LTIP). The plan provides for four types of participation, namely Performance Shares (PS), Retention Shares (RS), Restricted Shares (RSS) and Matching Shares (MS). This plan is in place to attract, retain, motivate and reward participating employees on a basis which seeks to align the interests of such employees with those of the Company's shareholders.

7. Long-term incentive plan

  United States Dollar
  Six months ended
Figures in millions unless otherwise stated June 2024  June 2023 
Long-term incentive plan expense2 (0.7) (24.1)
Total included in profit or loss for the period (0.7) (24.1)
2 Senior and middle management receive awards under the LTIP. The performance conditions of the LTIP are approved annually by the Remuneration Committee. The expected timing of the cash outflows in respect of each grant is at the end of three years after the original award was made.

8. Included in profit before royalties and taxation are the following

  United States Dollar
  Six months ended
Figures in millions unless otherwise stated June 2024  June 2023 
Social contributions and sponsorships3 (8.7) (7.4)
Offshore structure costs3 (9.9) (9.1)
3 Included under "Other costs, net" in the consolidated income statement.

9. Exploration expense

  United States Dollar
  Six months ended
Figures in millions unless otherwise stated June 2024  June 2023 
Australia (17.2) (15.1)
Ghana (1.5) (4.5)
Chile (10.0) (15.3)
Peru (2.8) (2.0)
Other (0.5) (0.7)
Total exploration expense (32.0) (37.6)

10. Royalties

  United States Dollar
  Six months ended
Figures in millions unless otherwise stated June 2024  June 2023 
Australia (24.4) (25.3)
South Africa (1.3) (1.5)
Ghana (31.8) (28.6)
Peru (2.6) (4.8)
Total royalties (60.1) (60.2)
Royalty rates    
South Africa (effective rate)4 0.5 % 0.5%
Australia5 2.5 % 2.5%
Ghana6 4.1% – 5.0% 4.1%
Peru7 4.1 % 4.0%
4 The Mineral and Petroleum Resource Royalty Act 2008 (Royalty Act) was promulgated on 24 November 2008 and became effective from 1 March 2010. The Royalty Act imposes a royalty on refined (mineral resources that have undergone a comprehensive level of beneficiation such as smelting and refining as defined in Schedule 1 of the Act) and unrefined (mineral resources that have undergone limited beneficiation as defined in Schedule 2 of the Act) minerals payable to the state. The royalty in respect of refined minerals (which include gold refined to 99.5% and above and platinum) is calculated by dividing earnings before interest and taxes (EBIT) by the product of 12.5 times gross revenue calculated as a percentage, plus an additional 0.5%. EBIT refers to taxable mining income (with certain exceptions such as no deduction for interest payable and foreign exchange losses) before assessed losses but after capital expenditure. A maximum royalty of 5% has been introduced on refined minerals. The effective rate of royalty tax payable for the period ended 30 June 2024 was 0.5% of mining revenue (2023: 0.5%) equalling the minimum charge per the formula.
5 The Australian operations are subject to a 2.5% (2023: 2.5%) gold royalty on revenue as the mineral rights are owned by the state.
6 Minerals are owned by the Republic of Ghana and held in trust by the President. During 2016, Gold Fields signed a Development Agreement (DA) with the Government of Ghana for both the Tarkwa and Damang mines. This agreement stated that the Ghanaian operations will be subject to a sliding scale for royalty rates, linked to the prevailing gold price (effective 1 January 2017). The sliding scale is as follows:
Average gold price
Low value High value
  Royalty rate
US$0.00 –    US$1,299.99   3.0%
US$1,300.00 –    US$1,449.99   3.5%
US$1,450.00 –    US$2,299.99   4.1%
US$2,300.00 –    Unlimited   5.0%
7 The Peruvian operations are subject to a mining royalty calculated on a sliding scale with rates ranging from 1% to 12% of the value of operating profit.

11. Mining and income taxation

  United States Dollar
  Six months ended
Figures in millions unless otherwise stated June 2024  June 2023 
The components of mining and income tax are the following:

South African taxation

– Company and capital gains taxation (1.3) (3.8)
– non-mining taxation (0.2) (0.2)
– deferred taxation (32.6) (33.9)
Foreign taxation

– current taxation (151.6) (239.9)
– prior year adjustment – current taxation1 (12.3) – 
– deferred taxation (41.0) 12.2 
Dividend withholding tax (7.7) (9.0)
Total mining and income taxation (246.7) (274.6)
South Africa – current tax rates

Mining tax2 Y=33-165/X Y=33-165/X
Non-mining tax3 27.0% 27.0%
Company tax rate 27.0% 27.0%
International operations – current tax rates

Australia 30.0% 30.0%
Ghana 32.5% 32.5%
Peru 29.5% 29.5%
1 The US$12.3m in 2024 relates to additional transfer pricing tax at Tarkwa.
2 South African mining tax on mining income is determined according to a formula which takes into account the profit and revenue from mining operations. South African mining taxable income is determined after the deduction of all mining capital expenditure, with the proviso that this cannot result in an assessed loss. Capital expenditure amounts not deducted are carried forward as unredeemed capital expenditure to be deducted from future mining income. Accounting depreciation is ignored for the purpose of calculating South African mining taxation. The effective mining tax rate used for deferred tax purposes for Gold Fields Operations Limited (GFO) and GFI Joint Venture Holdings (Proprietary) Limited (GFIJVH), owners of the South Deep mine, has been calculated at 29% (2023: 28%).
In the formula above, Y is the percentage rate of tax payable and X is the ratio of mining profit, after the deduction of redeemable capital expenditure, to mining revenue expressed as a percentage.
3 Non-mining income of South African mining operations consists primarily of interest income. The corporate income tax rate was reduced from 28% to 27% for tax years ending on after 31 March 2023 and was effective for the period ended 30 June 2023.
Deferred tax is provided at the expected future rate for mining operations arising from temporary differences between the carrying values and tax values of assets and liabilities. In South Africa the tax rate which has been used for deferred tax purposes for mining assets is Y = 33 – 165/X and for non-mining assets is 27%.

12. Discontinued operation

  United States Dollar
  Six months ended
Figures in millions unless otherwise stated June 2024  June 2023 
Asanko Gold    
– Asanko Gold – earnings – 17.3
Profit from discontinued operation – 17.3

On 21 December 2023, Gold Fields announced the divestment of its 45% shareholding in Asanko Gold (both the preference shares and equity-accounted investee) to the joint venture partner Galiano Gold for a total consideration of US$170m. Gold Fields will also receive a 1% net smelter royalty on future production from the Nkran deposit, the main deposit at the mine. The transaction was subject to a number of conditions and was concluded on 4 March 2024 with the receipt of US$65m in cash and 28.5m in Galiano shares. Refer note 15 for further details.

The share of results of equity investee of Asanko Gold have been presented as a discontinued operation in the comparative income statement.

13. Earnings per share

      United States Dollar
      Six months ended
   Figures in millions unless otherwise stated  June 2024  June 2023 
13.1 Basic earnings per share – cents  43  51 
   Basic earnings per share is calculated by dividing the profit attributable to owners of the parent of US$389.0m (2023: US$457.8m) by the weighted average number of ordinary shares in issue during the period of 894,737,237 (2023: 893,093,236).       
13.2 Basic earnings per share from continuing operations – cents  43  49 
   Basic earnings per share from continuing operations is calculated by dividing the profit attributable to owners of the parent from continuing operations of US$389.0m (2023: US$440.5m) by the weighted average number of ordinary shares in issue during the period of 894,737,237 (2023: 893,093,236).       
13.3 Basic earnings per share from discontinued operation – cents  –  2 
   Basic earnings per share from discontinued operation is calculated by dividing the profit attributable to owners of the parent from discontinued operation of US$nil (2023: US$17.3m) by the weighted average number of ordinary shares in issue during the period of 894,737,237 (2023: 893,093,236).       
13.4 Diluted earnings per share – cents  43  51 
   Diluted earnings per share is calculated by dividing the diluted profit attributable to owners of the parent of US$386.3m (2023: US$453.5m) by the diluted weighted average number of ordinary shares in issue during the period of 895,445,792 (2023: 894,598,728).     
   Net profit attributable to owners of the parent has been adjusted by the following to arrive at the diluted profit attributable to owners of the parent:     
   Profit attributable to owners of the parent  389.0  457.8 
   South Deep minority interest at 10%  (2.7) (4.3)
   Diluted profit attributable to owners of the parent  386.3  453.5 
   The weighted average number of shares has been adjusted by the following to arrive at the diluted number of ordinary shares:     
   Weighted average number of ordinary shares  894,737,237  893,093,236 
   Share options in issue  708,555  1,505,492 
   Diluted weighted average number of ordinary shares  895,445,792  894,598,728 
13.5 Diluted earnings per share from continuing operations – cents  43  49 
   Diluted earnings per share from continuing operations is calculated by dividing the diluted profit attributable to owners of the parent from continuing operations of US$386.3m (2023: US$436.2m) by the diluted weighted average number of ordinary shares in issue during the period of 895,445,792 (2023: 894,598,728).     
   Net profit attributable to owners of the parent from continuing operations has been adjusted by the following to arrive at the diluted profit attributable to owners of the parent from continuing operations:     
   Profit attributable to owners of the parent from continuing operations  389.0  440.5 
   South Deep minority interest at 10%  (2.7) (4.3)
   Diluted profit attributable to owners of the parent from continuing operations  386.3  436.2 
   The weighted average number of shares has been adjusted by the following to arrive at the diluted number of ordinary shares:     
   Weighted average number of ordinary shares  894,737,237  893,093,236 
   Share options in issue  708,555  1,505,492 
   Diluted weighted average number of ordinary shares  895,445,792  894,598,728 
13.6 Diluted earnings per share from discontinued operation – cents  –  2 
   Diluted earnings per share from discontinued operation is calculated by dividing the diluted profit attributable to owners of the parent from discontinued operation of US$nil (2023: US$17.3m) by the diluted weighted average number of ordinary shares in issue during the period of 895,445,792 (2023: 894,598,728).       
13.7 Headline earnings per share - cents       
  

Headline earnings per share is calculated by dividing headline earnings of US$320.7m (2023: US$457.7m) by the weighted average number of ordinary shares in issue during the period of 894,737,237 (2023: 893,093,236).

Net profit attributable to owners of the parent is reconciled to headline earnings as follows:

 36  51 
   Long-form headline earnings reconciliation        
   Profit attributable to owners of the parent  389.0  457.8 
   Profit on disposal of assets, net  (0.4) (0.2)
   Gross  (0.6) (0.3)
   Taxation effect  0.2  0.1 
   Impairment of investments and assets and other  (67.9) 0.1 
   Impairment of investments and assets  –  0.2 
   Profit on disposal of asset held for sale – Rusoro  (62.3) – 
   Fair value adjustment of asset held for sale – Asanko Gold  (5.6) – 
   Taxation effect  –  (0.1)
   Headline earnings  320.7  457.7 
13.8 Headline earnings per share from continuing operations - cents  36  49 
   Headline earnings per share from continuing operations is calculated by dividing headline earnings from continuing operations of US$320.7m (2023: US$440.4m) by the weighted average number of ordinary shares in issue during the period of 894,737,237 (2023: 893,093,236).     
   Net profit attributable to owners of the parent from continuing operations is reconciled to headline earnings from continuing operations as follows:     
   Long-form headline earnings reconciliation     
   Profit attributable to owners of the parent from continuing operations  389.0  440.5 
   Profit on disposal of assets, net  (0.4) (0.2)
   Gross  (0.6) (0.3)
   Taxation effect  0.2  0.1 
   Impairment of investments and assets and other  (67.9) 0.1 
   Impairment of investments and assets  –  0.2 
   Profit on disposal of asset held for sale – Rusoro  (62.3) – 
   Fair value adjustment of asset held for sale – Asanko Gold  (5.6) – 
   Taxation effect  –  (0.1)
   Headline earnings from continuing operations  320.7  440.4 
13.9 Headline earnings per share from discontinued operation – cents  –  2 
   Headline earnings per share from discontinued operation is calculated by dividing headline earnings from discontinued operation of US$nil (2023: US$17.3m) by the weighted average number of ordinary shares in issue during the period of 894,737,237 (2023: 893,093,236).     
   Net profit attributable to owners of the parent from discontinued operation is reconciled to headline earnings from discontinued operation as follows:     
   Long-form headline earnings reconciliation     
   Profit attributable to owners of the parent from discontinued operation  –  17.3 
   Headline earnings from discontinued operation  –  17.3 
13.10 Diluted headline earnings per share – cents  36  51 
   Diluted headline earnings per share is calculated by dividing diluted headline earnings of US$318.0m (2023: US$453.4m) by the diluted weighted average number of ordinary shares in issue during the period of 895,445,792 (2023: 894,598,728).     
   Headline earnings has been adjusted by the following to arrive at dilutive headline earnings:     
   Headline earnings  320.7  457.7 
   South Deep minority interest at 10%  (2.7) (4.3)
   Diluted headline earnings  318.0  453.4 
13.11 Diluted headline earnings per share from continuing operations - cents  36  49 
   Diluted headline earnings per share from continuing operations is calculated by dividing diluted headline earnings from continuing operations of US$318.0m (2023: US$436.1m) by the diluted weighted average number of ordinary shares in issue during the period of 895,445,792 (2023: 894,598,728).     
   Headline earnings from continuing operations has been adjusted by the following to arrive at dilutive headline earnings from continuing operations:     
   Headline earnings from continuing operations  320.7  440.4 
   South Deep minority interest at 10%  (2.7) (4.3)
   Diluted headline earnings from continuing operations  318.0  436.1 
13.12 Diluted headline earnings per share from discontinued operation – cents  –  2 
   Diluted headline earnings per share from discontinued operation is calculated by dividing diluted headline earnings from discontinued operation of US$nil (2023: US$17.3m) by the diluted weighted average number of ordinary shares in issue during the period of 895,445,792 (2023: 894,598,728).       

14. Acquisition of Windfall Project

Background

On 2 May 2023, Gold Fields, through a 100% held Canadian subsidiary, acquired a 50% interest in the Windfall Project in Québec, Canada, which is in the feasibility stage, from Osisko Mining Incorporated (the Partnership).

  • Under the partnership structure, each of Osisko Mining Incorporated (Osisko) and Gold Fields, respectively, hold an effective 50% partnership interest in the Windfall Project and the Exploration Properties; and
  • The management company (responsible for the operation) will be governed by a Board of Directors comprising three directors nominated by Gold Fields and three directors nominated by Osisko. Decisions over the relevant activities of the partnership requires unanimous consent of both the parties.

Recognition and measurement

Gold Fields and Osisko have joint control over the Windfall Project, the transaction is structured as a separate vehicle and the Group has a residual interest in the net assets of the Windfall Project. Accordingly, the Group has classified its interest in the Windfall Project as a joint venture.

Consideration

The following summarises the consideration and the cost of the Windfall joint venture:

   United States 
Dollar 		 Canadian 
Dollar 		 United States 
Dollar 		 Canadian 
Dollar 
Figures in millions unless otherwise stated  June 2024  June 2024  Dec 2023  Dec 2023 
Carrying value at 1 January   538.6  713.6  –  – 
Initial recognition             
Cash considerations             
Purchase of equity-accounted investee  –  –  247.1  333.8 
(a) C$300.0m cash payment  –  –  221.5  300.0 
(b) Pre-closing paid amounts         
  – C$16.9m  –  –  12.8  16.9 
  – C$16.9m  –  –  12.8  16.9 
Contingent and exploration considerations         
(c) C$300.0m contingent consideration – initial fair value  –  –  190.8  258.4 
(d) C$75.0m exploration consideration – initial present value  –  –  39.1  52.9 
Subsequent measurement         
Cash considerations         
(e) Capital contributions  42.4  57.5  69.1  93.0 
Contingent and exploration considerations         
(c) C$300.0m contingent consideration - net change in fair value1  3.7  5.0  7.3  9.9 
(d) C$75.0m exploration consideration - unwinding of discount rate1  2.2  3.0  2.9  3.9 
Share of loss  (30.5) (41.4) (28.4) (38.3)
Translation adjustment  (16.6) –  10.7  – 
Carrying value at the end of the period  539.8  737.7  538.6  713.6 
1 The movements were recognised as part of the equity investment.
(a)
C$300m cash payment
  The US$221.5m (C$300.0m) cash payment represents the initial consideration paid on 2 May 2023 for the 50% interest in the joint venture.
(b)
Pre-closing paid amounts
  Osisko acquired certain assets for the benefit of the Windfall Project during the term sheet negotiation stage. Gold Fields agreed to refund Osisko 50% of the costs spent on these items in two equal payments of US$12.8m (C$16.9m) on 31 July 2023 and US$12.8 m (C$16.9m) on 31 December 2023, respectively.
(c)
C$300m contingent consideration
 

The C$300.0m contingent consideration is payable on issuance of an EIA permit to the Partnership authorising the construction and operation of the Windfall Project.

The fair value of the contingent consideration was determined using a Monte-Carlo valuation model that considers various scenarios and possibilities around the potential outcome of the EIA permit approval process and the timing of when the contingent consideration will be paid.

Figures in millions unless otherwise stated United States 
Dollar 		 Canadian
Dollar
The fair value of the contingent consideration amounted to:    
Fair value at 2 May 2023 190.8  258.4
Net change in fair value 7.3  9.9
Translation 4.4  –
Fair value at 31 December 2023 202.5  268.3
Net change in fair value 3.7  5.0
Translation (6.3) –
Fair value at 30 June 2024 199.9  273.3
(d)
C$75m exploration consideration
 

As part of the acquisition of the Windfall Project, Gold Fields acquired a 50% interest in certain developmental exploration projects and targets for a C$75.0m funding commitment by Gold Fields over 5 years commencing 2025. The C$75.0m will be scheduled over the period of the exploration agreement and discounted using a market related discount rate.

Figures in millions unless otherwise stated United States 
Dollar 		 Canadian
Dollar
The value of the exploration consideration amounted to:    
Present value at 2 May 2023 39.1  52.9
Unwinding of discount rate 2.9  3.9
Translation 0.9  –
Carrying value at 31 December 2023 42.9  56.8
Net change in fair value 2.2  3.0
Translation (1.3) –
Carrying value at 30 June 2024 43.8  59.8
(e)
Cash calls
  The project requires funding from the Partnership in the feasibility and development stage of the project. The cash calls have been capitalised to the cost of the investment.

15. Assets held for sale

  United States Dollar
Figures in millions unless otherwise stated June 2024 Dec 2023
(a) Asanko Gold – 153.3
– Asanko Gold joint venture – 53.6
– Asanko redeemable preference shares – 99.7
(b) Rusoro Mining Limited (Rusoro) – –
– 153.3
(a) Asanko Gold
 

On 21 December 2023, Gold Fields announced the divestment of its 45% shareholding in Asanko Gold to the joint venture partner Galiano Gold for a total consideration of US$170m. Gold Fields will also receive a 1% net smelter royalty on future production from the Nkran deposit, the main deposit at the mine. The transaction was subject to a number of conditions and was concluded on 4 March 2024.

The transaction was settled by Galiano to Gold Fields through a combination of upfront, deferred and contingent consideration as follows:

  • US$85m was settled with US$65m in cash and 28.5m in Galiano shares on 4 March 2024;
  • US$25m to be paid on 31 December 2025;
  • US$30m to be paid on 31 December 2026; and
  • US$30m plus a 1% net smelter royalty to be paid once more than 100,000 ounces of gold is produced from the Nkran deposit. The royalty is capped at a volume of 447,000 ounces of gold production from the deposit.
Figures in millions unless otherwise stated United States Dollar
The Asanko deferred consideration receivable was recognised as follows:  
Present value at 4 March 2024 61.1
Unwinding of discount rate 1.9
Carrying value at 30 June 2024 63.0

At 31 December 2023, the investment in Asanko Gold, including the Asanko redeemable preference shares, was presented as an asset held for sale. Refer note 12 for further details.

The transaction was concluded on 4 March 2024 with the receipt of US$65m in cash and 28.5m in Galiano shares, resulting in the recognition of a fair value adjustment amounting to US$5.6m in 2024.
(b) Rusoro
 

On 9 January 2024, Gold Fields announced that it has entered into a share purchase agreement (the Agreement) with Fulcrum Global Markets LLC, a Delaware limited liability company (Fulcrum), to sell its 140,000,001 Common Shares (Common Shares) in the capital of Rusoro for an aggregate initial cash purchase price of US$62.3m and certain additional contingent consideration upon the occurrence of specified events described below (the Transaction).

Under the Agreement, Gold Fields will be entitled to receive from Fulcrum the following additional contingent consideration for the Common Shares to be purchased by Fulcrum (the Purchased Shares):

  • A top-up amount in cash calculated in accordance with the Agreement in the event that, within 18 months following closing of the transaction, Fulcrum or any of its affiliates acquires, directly or indirectly, in one or more transactions, additional Common Shares which collectively result in their aggregate holdings exceeding 50% of the issued and outstanding Common Shares; and
  • An amount in cash equal to 15% of the value of any gross proceeds paid at any time to Fulcrum or any of its affiliates by Rusoro or third parties in respect of the Purchased Shares (including in connection with any disposition of the Purchased Shares, or as a dividend, distribution, return of capital, share repurchase or similar amount), to the extent that the gross amount of such cumulative proceeds exceeds US$210m.

At 31 December 2023, the investment in Rusoro was presented as an asset held for sale as Fulcrum was in advanced discussions with Gold Fields at 31 December 2023 to purchase the Rusoro shares from Gold Fields. The held for sale investment in Rusoro was valued at the lower of carrying value or fair value less costs to sell, amounting to US$nil.

The notice was issued on 9 January 2024 by Gold Fields to Rusoro and the five business day objection period lapsed on 16 January 2024. The US$62.3 million was received by Gold Fields on 22 January 2024, resulting in the recognition of a profit on disposal of Rusoro amounting to US$62.3m in 2024.
   

16. Change in working capital

  United States Dollar
Figures in millions unless otherwise stated June 2024  June 2023 
Inventories 56.9  (75.9)
Trade and other receivables 29.3  (26.0)
Trade and other payables (6.3) (57.4)
79.9  (159.3)

17. Debt maturity ladder (Reviewed)

Figures in millions unless otherwise stated 31 Dec 2024 31 Dec 2026 31 Dec 2028 31 Dec 2029 Total
Uncommitted loan facilities
Rand debt 1,362.0 – – – 1,362.0
Rand debt translated to US Dollar 74.9 – – – 74.9
Total (US$m) 74.9 – – 74.9
Committed loan facilities          
US Dollar debt 100.0 85.0 83.3 1,614.4 1,882.7
Rand debt – – 2,500.0 – 2,500.0
A$ Dollar debt – – 500.0 – 500.0
Rand debt translated to US Dollar – – 137.4 – 137.4
A$ Dollar debt translated to US Dollar – – 333.6 – 333.6
Total (US$m) 100.0 85.0 554.3 1,614.4 2,353.7
Total (US$m)
Uncommitted and committed loan facilities		 174.9 85.0 554.3 1,614.4 2,428.6
Utilisation – Uncommitted loan facilities
Rand debt – – – – –
Rand debt translated to US Dollar – – – – –
Total (US$m) – – – – –
Utilisation – Committed loan facilities (including US Dollar bond)
US Dollar debt – 83.5 41.5 1,053.3 1,178.3
Rand debt – – – – –
A$ Dollar debt – – – – –
C$ Dollar debt* – – 6.5 87.7 94.2
Rand debt translated to US Dollar – – – – –
A$ Dollar debt translated to US Dollar – – – – –
C$ Dollar debt translated to US Dollar – – 4.7 64.2 68.9
Total (US$m) – 83.5 46.2 1,117.5 1,247.2
Total (US$m) – Utilisation – Uncommitted and committed loan facilities – 83.5 46.2 1,117.5 1,247.2
Exchange rate: US$1.00 = R18.19 and A$1.00 = US$0.67 and C$1.00 = US$0.73 being the closing rates at 30 June 2024.
* The US$1,200m RCF facility is a multi-currency (US$ and C$) facility.

18. Fair value hierarchy

The Group has the following hierarchy for measuring the fair value of assets and liabilities at the reporting date:

Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2: Inputs other than quoted prices in level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices); and

Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. There were no transfers during the period ended 30 June 2024 and year ended 31 December 2023.

The following table sets out the Group's financial assets and financial liabilities by level within the fair value hierarchy at the reporting date:

  United States Dollar
30 June 2024 31 December 2023
Figures in millions unless otherwise stated Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3
Financial assets measured at fair value
Trade receivables from provisional copper
sales 12.9 – 12.9 – 18.2 – 18.2 –
Investments – listed 125.0 125.0 – – 65.8 65.8 – –
Asanko redeemable preference shares – – – – 99.7 – – 99.7
Financial assets not measured at fair value
Environmental trust funds 115.4 – 115.4 – 109.6 – 109.6 –
Financial liabilities measured at fair value
Windfall Project – contingent consideration 199.9 – – 199.9 202.5 – – 202.5
Financial liabilities not measured at fair value
Borrowings 1,256.8 507.3 – 749.5 1,249.9 1,010.5 – 239.4

Environmental trust funds

The environmental trust funds are measured at fair value through profit or loss and amortised cost which approximates fair value based on the nature of the fund's underlying investments.

Trade receivables from provisional copper sales

Valued using quoted market prices based on the forward London Metal Exchange (LME) and, as such, classified within level 2 of the fair value hierarchy.

Investments – listed

Comprise equity investments in listed entities and therefore valued using quoted market prices in active markets.

Asanko redeemable preference shares

The fair value is based on the expected cash flows of the Asanko Gold Mine based on the life-of-mine model. The key inputs used in the valuation of the fair value at 31 December 2023 were the market related discount rate of 19.9% and the expected redemption period. The movement in the preference shares was as a result of fair value adjustments only.

Borrowings

The 10-year notes (2023: five-year notes and 10-year notes ) are issued at a fixed interest rate. The fair values of these notes are based on listed market prices and are classified within level 1 of the fair value hierarchy. The fair value of the remaining borrowings approximates their carrying amount, determined using the discounted cash flow method using market related interest rates and are classified within level 3 of the fair value hierarchy.

Windfall Project – contingent consideration

The fair values are based on the expected cash flows of the respective considerations. The key inputs used in the valuation of the fair value were the approval period, probability factor and discount rate.

19. Capital commitments

  United States Dollar
Figures in millions unless otherwise stated June 2024 Dec 2023
Commitments
Capital expenditure    
Contracted for1 215.8 161.6
1 Contracted for capital expenditure includes US$90.7m (2023: US$115.2m) for Salares Norte.
GOLD FIELDS Media Release | Unaudited interim results for the six months ended 30 June 2024